Peter Obi has encouraged Nigerians to invest in the ongoing Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO), describing the public offer as an opportunity for Nigerians to participate in the ownership of productive businesses.
Obi made the position known in a statement posted on his X account on Wednesday, September 16, 2026, saying Nigerians in the country and abroad had asked for his view on the ₦2.15 trillion offer.
The former Anambra State governor said he was encouraging Nigerians to buy shares in the refinery while praising Aliko Dangote’s investment in Nigeria’s productive sector.
Obi also encouraged other Nigerian businesses to invest in productive sectors and create opportunities for citizens to participate in company ownership through public offerings.
His comments come as the Dangote Refinery IPO generates public discussion over the opportunity for retail investors to acquire shares in one of Nigeria’s largest industrial projects.
The offer comprises 4.1 billion ordinary shares at ₦525 per share, with the minimum subscription set at 10 shares, costing ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms of the prospectus.
The proceeds are intended to support Dangote Refinery’s expansion plans, including a proposed increase in refining capacity from its current 700,000 barrels per day to 1.4 million barrels per day.
VDM takes a different view
Obi’s endorsement comes against the backdrop of criticism from social commentator VeryDarkMan, who recently questioned the Dangote IPO in a social-media commentary.
In his commentary, VDM said the offer “looks like a Ponzi scheme to me,” arguing that the relatively low minimum entry amount could encourage large numbers of Nigerians to participate.
VDM’s description is his personal characterization of the IPO and does not establish that the share offer is a Ponzi scheme.
He also questioned the broader argument around wealth creation, saying that if Dangote wanted to make life easier for Nigerians, reducing the cost of products such as cement and petroleum products would have a more direct effect on households and businesses.
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His comments followed a separate complaint in which he questioned MTN over a Dangote Refinery IPO promotional message he said was sent to his private phone number without his consent.
The two reactions therefore present different perspectives on the same public offer: Obi is encouraging Nigerians to participate in the IPO, while VDM is urging caution and questioning the broader proposition behind it.
For potential investors, however, neither public endorsement nor criticism by itself establishes whether the investment will make or lose money. The relevant information remains the official offer terms, the company’s financial and business prospects, the risks contained in the prospectus and the investor’s own circumstances.
The Securities and Exchange Commission has also warned members of the public about fraudulent schemes connected to the Dangote Refinery IPO and advised investors to use authorised receiving agents and approved subscription platforms.